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Technology Stocks : Azenta

AZTA 29.55

-3.3%

Nov 6 3:59 PM EST

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From: mopgcw	11/10/2006 11:55:14 AM
	Read Replies (1) of 1138

gs: Brooks Automation, Inc. EPS (FY Sep) 2007E $0.72, 2008E $0.70 Sell/Neutral (BRKS) $14.17 Whats changed Brooks reported solid CY3Q06 results with sales of $210mn (+13% qoq), above our $200mn/Streets $206mn estimate, driven by robust vacuum systems sales. Pro-forma EPS of $0.28 was in-line with the Street and $0.02 above our estimate due to higher sales and other income. CY3Q06 orders were $207mn (+7 qoq) versus our $184mn estimate. CY3Q2006 results included the Synetics acquisition, which drove most of the sales and order upside. Excluding the acquisition, CY3Q06 sales would have been flat qoq and orders down 8% qoq. CY4Q06 guidance of $188mn/$0.28 (ex. discontinued operations) excludes Brooks software business that is being sold to Applied Materials. We estimate that guidance is above the Streets $196nm (~$176 excluding software)/$0.29 estimate. We are raising our estimates as lower gross margins (driven by the divestiture of the 70% GM software business) are being offset by higher sales and other income, and lower taxes: CY07 goes to $0.60 from $0.50; CY08 to $0.75 from $0.60.

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